4 tips to build financial security as a Stay-at-Home parent

Stay-at-home parents break their back, sometimes literally, trying to keep everything afloat. Financial security and a loving home is something that most parents aim to provide, but this can get tricky when life throws curveballs that can cause stay-at-home parents to cut back on important things. We have put together four essential tips to help get you started.

Create an emergency savings account

Emergency savings accounts can sound like a buzzword when it comes to building financial security, but this boils down to planning. Creating a financial plan that ties in with an emergency saving account can help you cover life’s unforeseen events. Setting up a budget can also help you create a realistic saving goal. This can let you avoid biting off more than you can chew, but the buck doesn’t stop there.

Growing your money

Starting a business or saving is not the only way to grow your money. Investing your money in something that will add real value and keep up with inflation can be beneficial in the long run. One of the ways in doing this is having a life insurance policy in place which can cost you as little as R149 per month. It is also vital for people who have dependents that rely on them financially. It’s also useful to invest your money in things like shares or property to name a few. Remember to check if the place you are investing in is accredited to avoid fly-by-night scams.

Fighting to escape debt

Debt has caused many South Africans to agonisingly wait for their next pay cheque before the month has ended. As many as 72% of South Africans’ income goes to debt.  There are many things that need to be juggled from clothing accounts, credit cards and loans. However, managing your debt can become something that is achievable when you start off with the smaller amounts and make your way to tackling the big debt. However, taking on more debt to help you manage your existing one can set you back to square one. It is important to track your spending down to the ‘T’ because small numbers do eventually add up.

Have a food plan

Impulsively turning to a fast food joint or failing to plan meals is a quick way to derail any budget you might have in place. Having a food plan comes with a range of perks such as being able to find specials, purchasing in bulk and cooking meals in advance. It’s a win-win situation when it comes to saving money or when you are too tired to start a meal from scratch.